Custom Transaction Type Naming Enables Better Organization
In your business, there may be a wide variety of events that can require an adjustment to your general ledger. For example, you may need to record adjustments for nonoperational income, such as interest income that your company receives through investments. Conversely, you may need to record debits for rewards you give customers through customer loyalty programs. Without the Custom Transactions feature, your options for recording these various adjustments may be limited. One strategy is to record all adjustments as journal entries. However, when you rely solely on the journal entry record, all of these varying transactions are grouped together in a single list view. Moreover, when employees enter journal entries, they have limited choices for distinguishing one type of journal entry from another.
By contrast, with the Custom Transactions feature, you can create custom transaction types that are clearly labeled for specific purposes. With this approach, each custom transaction type has its own list view and its own menu path, which you can customize. In the following example, three custom transaction types have been added to the Accounting Center’s Financial tab.
These enhancements make it possible for employees to automatically classify each transaction when they create it. And if they want to view a list of all transactions of a particular type, they can do so using that type’s list view.